Q14) Buying a currency option provides A) a right, but not an obligation, to buy or sell a currency. B) limits the downside risk while preserving the upside potential C) a flexible hedge against exchange exposure D) all of the options Q15) XYZ Corporation, located in the United States, has an accounts payable obligation of 750 million payable in one year to a bank in Tokyo. Which of the following is not part of a money market hedge? A) Buy yen at the spot exchange rate. B) Invest in risk-free Japanese securities with the same maturity as the accounts payable obligation C) Buy the 750 million at the forward exchange rate. D) Find the present value of 750 million at the Japanese interest rate